Is there a Best Day to Lock in a Mortgage Rate?

Is there a Best Day to Lock in a Mortgage Rate?

One common misconception that many have about mortgage companies is that the companies themselves control the loan rates. This is far from the truth, however, as the rates companies are able to offer are actually dependent on trends in secondary markets. As a result of these market trends, the rate a potential home buyer could be offered on Monday may be different than the rate offered a few days later.

But is there a “best day” to buy? The New York Times recently reported that Fridays and the final business days of the month are generally the most popular days for home buyers to close on their mortgage. However, there is not necessarily a “best day” to buy. While closing at the end of the week can give home buyers a full weekend to take care of their move, closing in the middle of the week can often net a better rate deal (though coordinating the move itself may be more difficult as a result).

There are pros and cons to both options. However, quality mortgage companies are often able to help their clients determine what the best option is for their individual circumstance. At Castle & Cooke Mortgage, we are determined to help our clients achieve the best loan rate possible so that the dream of home ownership can become a reality.